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We have had a unique start of sorts to the new year 2016 where the cautious optimism of last year end has given way to pessimism and despair mainly due to the occurrences in China and the two instances of down circuit filter of 7% each in the Chinese Markets. People have also been spooked by the “HUGE” 1% downtick in the Chinese Yuan. Incidentally 1% daily swings are very common even with currencies like the Japanese Yen and the Euro. Let’s look at some issues one by one and then see what lies ahead.

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It opened higher on the slightly better than expected GDP fig of 7.4 per cent. Intra day support is pegged at 7949 and 7921 points.

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